FinTech Futures: Top five news stories of the week – 28 June 2024
Our pick of the top fintech news stories this week includes Klarna, iBusiness Funding, Norm Ai, Nubank and more.
Compliance
June 2024: Top five movers and shakers stories of the month
FinTech Futures takes a look back at five of the top movers and shakers stories during June.
US regtech start-up Norm Ai raises $27m Series A funding
The investment brings the total raised by Norm Ai over the past 11 months to $38 million.
June 2024: Top five new fintech launches of the month
FinTech Futures takes a look back at five of the top new launches in June.
Virgin Money taps Experian to streamline digital customer experience
Virgin Money says it plans to use Experian’s “full breadth of services” to enhance “all product lines”.
ICYMI fintech funding round-up: Ramify, Hawk, Cadana, Prosper and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Regtech start-up Ondorse signs PayXpert, Assurdeal and Kota in UK and Ireland expansion push
Ondorse has also appointed OpenAI executive Olivier Godement to its board.
Reserve Bank of Australia set to conduct “holistic review” of retail payments regulation
The review will begin after the Australian government evaluates the Payment Systems Regulation Act 1998.
FINMA takes action against HSBC Private Bank Switzerland over “serious breach” in PEP due diligence
HSBC says it plans to appeal FINMA’s ruling.
Binance to pay $2.25m fine to India’s FIU over AML deficiencies
The exchange allegedly violated the country’s Prevention of Money Laundering Act (PMLA).
Encompass Corporation names Andrew Dunn as new VP of engineering
Dunn will guide the “strategic delivery” of Encompass’ CDI platform.
DORA and your uncle Joe
DORA has no appetite to understand why your selective facts are better than the whole truth.
Abacus Group acquires Tribeca Technology Group to strengthen UK presence
The acquisition follows Abacus’ GoVanguard purchase last year.
US Federal Reserve Board issues cease and desist order against Evolve Bank
The bank is alleged to have “engaged in unsafe and unsound banking practices”.
FINMA pulls the plug on FlowBank as bankruptcy proceedings commence
The Swiss regulator has found the challenger bank to be in a “serious breach of supervisory law”.
UK’s FCA imposes restrictions on e-money firm AstroPay
AstroPay blocked by the regulator from accepting new customer funds and providing payment services.
Payzli in search of new CEO amid leadership restructuring
Arash Izadpanah will transition from CEO to chief risk officer.
Merrick Bank partners Kompliant for digital merchant onboarding
The merchant acquirer is to utilise the vendor’s workflow automation tools.
ICYMI fintech funding round-up: Layer3, Sidekick, Elevate, Sahl, and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
The AI Summit: Real world AI
Use cases, pathways and challenges to implementation, and the evolving regulatory frameworks.
Pennsylvania’s Vertex purchases AI tax capabilities from Ryan
Vertex claims the deal will enhance its “AI innovation strategy”.
Moldindconbank taps Salt Edge for PSD2 compliance in Moldova
Moldindconbank is to leverage the vendor’s open banking compliance solution.
First Abu Dhabi Bank appoints two banking veterans to leadership team
Simon Thorn and Neil Barrable join the group as chief compliance officer and chief credit officer.
Former Temenos execs found GenAI banking tech start-up, yPilot
Based in Vancouver, Canada, yPilot says it “leads the way in AI innovation for banks and credit unions”.
ICYMI fintech funding round-up: Fizz, Torpago, Sibill, WealthOS and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Money20/20 Europe explores blockchain, payments and personalisation on day two
Leading figures from financial services gathered in Amsterdam for day two of Money20/20 Europe on Wednesday.
Money20/20 Europe brings tokenisation, AI and digital transformation into focus
Day one’s proceedings took a specific focus on the topics of AI, tokenisation and digital modernisation journeys.
PSR names David Geale as new interim managing director after Chris Hemsley steps down
The PSR will commence the recruitment process for a new permanent MD after the UK general election.
ICYMI fintech funding round-up: Landytech, Frich Money, Swiipr and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Comerica Bank & Trust reaches formal agreement with US OCC over enforcement action
The OCC has ordered the bank to create a compliance committee as part of the action.
UK challenger SilverRock lands banking licence with restrictions from PRA following £50m raise
The new bank says it plans to start lending “later this year”.
N26 fined €9.2m by BaFin over late submission of suspected money laundering reports in 2022
N26 says it has implemented “numerous measures to further improve reporting processes” since 2022.
LGT in Liechtenstein taps Finastra for instant payments
Finastra says the move will enable LGT to meet the EU instant payments regulatory timeline.
FinTech Futures: Top five news stories of the week – 24 May 2024
Our pick of the top fintech news stories this week includes JP Morgan Chase, Citi, BBVA, OpenAI and more.
CFPB says BNPL firms must comply with credit card consumer protection rules for billing disputes and refunds
BNPL firms will now be required to investigate disputes, refund returned products and provide billing statements.
Citi fined £61.6m by UK regulators for “failures in its trading systems and controls”
The total penalty consists of a £33,880,000 fine from the PRA and a £27,766,200 fine from the FCA.
US CFPB sues SoLo Funds for allegedly “deceiving borrowers about the total cost of loans”
The regulator says it is suing the firm for “deceiving borrowers and illegally extracting fees”.
Financial admin platform Osome secures $17m in mix of debt and equity funding
The Singapore-based start-up plans to utilise AI to further develop its product offerings.
HSBC UK partners accounting software provider Ember for My Business Finances tool
The tool aims to help small businesses comply with the UK’s upcoming Making Tax Digital initiative.
AI-powered regtech Cube acquires global regulatory intelligence enterprises from Thomson Reuters
Through this acquisition, Cube aims to “set a new bar for the industry in regulatory automation”.
